There are basically two groups of people facing health care challenges: the recent graduate or child still living at home and the early retiree. Because the early retiree may be better suited financially to find some sort of policy to bridge the gap until Medicare coverage kicks, the newly graduated - no longer on their parent's policy adult will have some tougher decisions.
It is possible that you may be able to stay on your parent's policy, paying an additional premium. This might work well for the convenience, especially if your parents are willing to foot the bill. There are however, much less expensive options available and ones that might show a little independence - even if you have yet to leave the nest.
You will need to shop around. eHealthInsurance.com offers numerous free quotes from a variety of providers all without too much information (zip code, age, sex). Keep in mind, insurance, no matter what kind it is, bases their premiums on deductibles. This is the amount of money you will need to pay before the policy begins to pay.
If you want help from your parents, ask them to help determine the deductible they would be willing to put in reserve for your health care. Putting aside $10,000 in case of emergencies is much easier than committing that money upfront.
If you still plan to continue your schooling beyond the typical cut-off date in your parent's policy (23-years-old), you might be able to get an extension in coverage.
The remaining options are expensive (Cobra - which allows you to pay for continuing coverage on a policy that previously covered you) or open only to lower-income families and individuals (Medicaid - but this coverage eligibility varies on a state-by-state basis).
Seeking a plan for an older person
You may not feel old, look old, and you might be in great health, but your age is going to have a great deal to do with you insurance costs if you are no longer covered by your employer.
You won't have your parents to rely on but keep in mind, your will need to have at least $100,000 set-aside for coverage if you are in your early fifties when you are laid-off, retired by attrition, or if you are eligible to take an early leave. This will cover increased monthly premiums and higher deductibles.
In some instances, Cobra might be a better option but only lasts 18 months (sometimes 36 months in some cases). The rules can be quite complicated.
According to the Department of Labor website: "The premium cannot exceed 102 percent of the cost to the plan for similarly situated individuals who have not incurred a qualifying event, including both the portion paid by employees and any portion paid by the employer before the qualifying event, plus 2 percent for administrative costs." Employees who have serious medical problems currently being covered by an employer plan usually seek this type of plan out.
Use eHealthInsurance.com to shop around as well. But be prepared for a shock, especially if your plan through your employer was affordable.
